If Biden's economy is so great...why can't folks pay off their student loans???

[Dekster]

If you look at student loans and how much those kids have to pay. And if you take into affect most of the people who will get this money are making less than $75K. How about that? A lot of them are making less than $75K.

And I think they only get $10K forgiven or something like that. Not all of it.

It's insane how much they have to pay. They will

1. Never save enough for retirement
2. Have children and that's becoming a problem. Biden's solution will help fix that problem.
3. Never be able to afford to own a home

Are you pro middle class? This student loan forgiveness thing was very pro middle class. Of course the Supreme's are going to strike it down. And of course Republicans are against it.

I was against it at first too but then I educated myself.

I don't particularly agree with Biden's approach as to the debt forgiveness in that I am not sure it is the most effective approach to take, but I think his proposed repayment changes may have some lasting benefit if it goes through. Some of his other proposals like the one time payment count adjustment I like too.

Here is my experience with it all. I did undergrad, a second degree, then grad school. Once you leave school the first time, the interest rate kicks in whether you are making payments or are in deferment from then on. That compounding interest is murder when it gets capitalized. Suddenly by the time you are out of grad school, your undergrad loans have doubled. When they change servicers, they don't send over the payment history, so people on PSLF or income contingent loans were being held into repayment much longer than they were supposed to be because the servicer's payment counts were only for payments made to them and not earlier servicers.

Now I paid both ours off when I came about as close to hitting the lottery as I ever will. I bought a piece of property at an intersection between a residential area and feeder road with a crap building on it thinking I could fix it up that had been for sale for years and less than a year later a major pharmacy chain offered me an insane amount of money for it so they could build on that corner. Otherwise, I would have been one of those chumps who have been paying for years, paid back more than they every borrowed, and still be six figures in student loan debt. People just don't get how messed up that student loan system can be and once you have big balance student loan on your credit report, lenders are oh hell no even if you are making payments as scheduled.

 

[Toddsterpatriot]

It shows that 87% of the money would go to those earning less than $75,000 a year. None would flow to individuals earning more than $125,000

Who benefits most from student loan forgiveness? Economists, investment banks and education experts weigh in

It's difficult to pinpoint just how much poor, middle-class and wealthier households will benefit from President Joe Biden's student loan forgiveness plan.

www.cnbc.com

Okay fine. Still this is ONLY going to families who make under $250,000

Individuals who make less than $150,000

And most of the people who are taking advantage of this make under $75K

Thanks for the link........

But the White House analysis measures income per individual, rather than at the household level. Let’s say each spouse in a married couple earns $70,000 a year — they’d have $140,000 of joint household income, but would count among the group earning below $75,000 in the White House income analysis.

Hmmmmmm

 

[sealybobo]

Thanks for the link........

But the White House analysis measures income per individual, rather than at the household level. Let’s say each spouse in a married couple earns $70,000 a year — they’d have $140,000 of joint household income, but would count among the group earning below $75,000 in the White House income analysis.

Hmmmmmm

I think he's saying most of the people who will take advantage of this make under $75K. The people who make over, not as many of them have student loans, even though people who make $249,000 qualify for this, doesn't change the fact most of the people who are taking advantage make under $75K.

Most people who took out student loans and make $249,000 already paid their student loans off and their pissed they can't take advantage. Sucks they/I were responsible and paid off our loans when we didn't need to.

But consider this. I didn't pay as much interest as these schmucks have.

 

[Toddsterpatriot]

I think he's saying most of the people who will take advantage of this make under $75K. The people who make over, not as many of them have student loans, even though people who make $249,000 qualify for this, doesn't change the fact most of the people who are taking advantage make under $75K.

Most people who took out student loans and make $249,000 already paid their student loans off and their pissed they can't take advantage. Sucks they/I were responsible and paid off our loans when we didn't need to.

But consider this. I didn't pay as much interest as these schmucks have.

I think he's saying most of the people who will take advantage of this make under $75K.

I think he's saying the White House is overcounting the under $75Ks.

The people who make over, not as many of them have student loans, even though people who make $249,000 qualify for this,

And now more people will take out loans, because forgiveness will be a constant thing.

 

[sealybobo]

I think he's saying most of the people who will take advantage of this make under $75K.

I think he's saying the White House is overcounting the under $75Ks.

The people who make over, not as many of them have student loans, even though people who make $249,000 qualify for this,

And now more people will take out loans, because forgiveness will be a constant thing.

We're not even sure the Supreme Court is going to approve.

Although, why are states suing over this? They're not on the hook if Biden forgives the money. This just shows Republicans don't care about middle class people. They'll fight this bill but give billionares tax breaks. Scum.

Stop crying about people who make $255K. Is that rich?

 

[dblack]

I'm reading this article about the Supreme Court deciding on Biden's loan forgiveness overreach.

The article paints a pretty bleak picture of the economy...yet all the liberals on here keep saying the economy is like the best ever, never been better.

If the economy is the best ever...why do people who took out loans to get the education to land great jobs in the great economy need loan forgiveness?

If the economy sucks...why are Biden, his administration, the media and the libs lying through their collective teeth about it?

You can't have it both ways.

---

What Would Happen If the Supreme Court Blocks Student Loan Forgiveness?

If the Supreme Court strikes down student loan forgiveness, borrowers would have to repay debts while facing more financial pressures than before the pandemic.

www.investopedia.com

What I don't get is why we're not addressing the actual problem. Democrats seem ready to admit that the student loan program was a scam - that it lured hapless kids into debt they could never repay - "predatory lending", I think it's called. So, shouldn't the priority be on shutting down such a system? If you want to compensate the victims, that's laudable I suppose - but to do that and not shut down the program that victimized them seems idiotic.

 

[Toddsterpatriot]

We're not even sure the Supreme Court is going to approve.

Although, why are states suing over this? They're not on the hook if Biden forgives the money. This just shows Republicans don't care about middle class people. They'll fight this bill but give billionares tax breaks. Scum.

Stop crying about people who make $255K. Is that rich?

If Biden wants to forgive the debt of a bunch of rich college graduates, he needs to get a bill passed.